(I-BusinessNews.Com, August 22, 2019 ) With upgraded health care policies and increasing availability of medical equipment, there is an increase in number of imaging-based procedures which are effective, safe, and important for medical decision-making and can reduce unnecessary treatments/procedures. The diagnostic imaging market is driven by increasing investments and funding by government bodies for modernization of imaging facilities, growing number of hospitals and diagnostic imaging centers, rising prevalence of cancer, increasing geriatric population and growing incidence of chronic diseases, and increasing preference for minimally invasive treatments. In addition, emerging countries, growing medical tourism, and development of low-cost & technologically advanced systems offer key growth opportunities for players in this market.
The major players operating in the global diagnostic imaging market are GE Healthcare (U.S.), Siemens Healthineers (Germany), Koninklijke Philips N.V. (The Netherlands), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan).
The report covers the major applications of each imaging modality including obstetrics/gynecology (OB/GYN), mammography, orthopedics and musculoskeletal, radiology, neurology, cardiovascular, general imaging, and others. In terms of application of ultrasound systems, the gynecology/obstetrics segment dominates the market.
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Based on product type, X-ray systems commanded the largest share of the global diagnostic imaging market. The growth of this segment is attributed to the rising demand for mobile X-ray systems, growing adoption of digital X-rays, increasing number of hospitals and diagnostic imaging centers, painless and non-invasive nature of procedures, low prices as compared to other modalities, wide usage of X-ray images in diagnosis of any injury or deformities, and increase in aging population and subsequent rise in fractures.
Based on end-user, the diagnostic imaging market is segmented into hospitals, diagnostic imaging centers, and other end users. Hospitals commanded the largest share owing to rising aging population and burden of chronic diseases, significant pool of patient population treated in hospitals, growing number of minimally invasive surgeries, and greater budgets to install advanced equipment. However, diagnostic centers are expected to witness the highest CAGR during the forecast period.
The report includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2018). For instance, in July 2018, Siemens Healthineers launched Acuson Sequoia, an ultrasound system to address industry challenges in ultrasound imaging. Similarly, in May 2017, GE Healthcare expanded its existing magnet resonance imaging (MRI) components production operations in Columbia, SC.
Future Outlook
Utilization of 3D, 4D technologies, multi-modality imaging systems, and integration of Artificial Intelligence (AI) in imaging modalities are some of the emerging trends in diagnostic imaging field. The growing application of AI and machine learning to the field of medical imaging is expected to bring a myriad of benefits, including augmentation and improvements in diagnosis. Moreover, AI will be an asset to the radiologists when it comes to workflow and diagnostic efficiency, as well as a vital tool that fosters a paradigm shift in predictive healthcare.
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